MELBOURNE, May 7 (Reuters) - Shanghai zinc climbed off nine month lows to rally 1 percent on Monday, as consumers bought into the metal that has been in a shortage for much of the past year. FUNDAMENTALS * ZINC: Shanghai Futures Exchange zinc rose 1 percent, having hit its weakest since last August in the session before at 23,145 yuan ($3,639.78) a tonne amid concerns over steel demand in light of tariffs imposed by the United States. Prices may come under pressure later in the session, with Shfe rebar down 1.2 percent. * COPPER: Shfe copper edged down 0.2 percent after weekly China exchange stocks surged by nearly 15,000 tonnes or 6 percent on Friday. * LME HOLIDAY: The London Metal Exchange was closed on Monday for a bank holiday weekend. * CHINA ECONOMY: A flurry of Chinese data in coming weeks is expected to show the world's second-largest economy remained strong in April, underpinned by a pick-up in industrial output and a rebound in exports despite rising trade tensions with the United States. * CHINA TRADE: Chinese state media struck an optimistic note on trade talks between Chinese and U.S. officials after U.S. President Donald Trump threatened to impose tariffs on up to $150 billion in Chinese goods over allegations of intellectual property theft. * PREMIUMS: Shanghai zinc premiums climbed by $12.50, while Shfe lead premiums rose by $10, signalling physical buyers had stepped in on the price drop. <0#BASEBW-SHMET> * ALUMINIUM: Aluminium producer Alcoa Corp said on Friday that management at its Quebec smelter had notified the provincial labor ministry it is ready to resume mediated contract talks with the United Steelworkers union. * SPECULATORS: Hedge funds and money managers trimmed their net long positions in COMEX gold and copper contracts in the week to May 1, U.S. Commodity Futures Trading Commission data showed on Friday. * DRC: The government of the Democratic Republic of Congo has made no substantial concessions to major miners demanding changes to a new mining code they say will discourage investment, according to a draft document seen by Reuters on Friday.